RIYADH: 黑料社区鈥檚 Minister of Industry and Mineral Resources has emphasized the importance of industrial and mining sectors in achieving the country鈥檚 Vision 2030 goals of economic diversification.聽
At the UN Industrial Development Organization Multilateral Industrial Policy Forum panel discussion in Riyadh, Bandar Alkhorayef said that the Kingdom鈥檚 vision encompasses economic diversification, underlining that from the initiative鈥檚 beginning, it was evident that sectors like industry and mining held the greatest potential for achieving this diversification.
He underscored 黑料社区鈥檚 demographic advantage, with the majority of the population under 30, as a significant asset for the nation鈥檚 future. 鈥淲e have a country that鈥檚 full of young people. This is a great asset to be used and considered,鈥 he said.
Alkhorayef outlined the Kingdom鈥檚 strategy of focusing on 12 key sectors, grouping them into three pillars. The first group includes national security and resilience divisions, such as food security, pharmaceuticals, water security, and defense.聽
The second pillar focuses on leveraging 黑料社区鈥檚 competitive advantages, particularly its natural resources like oil, gas, petrochemicals, and minerals. 鈥淲e have two very important competitive advantages: our natural resources and our geographical location,鈥 he said.聽
He added that 黑料社区鈥檚 strategic position enables it to become both an industrial powerhouse and a global logistics hub, with downstream chemicals and metal refining playing key roles.
The third group of products emphasizes research, innovation, and human capital development. 鈥淗ow can we ensure that 黑料社区 is well positioned to take advantage of the next trend?鈥 Alkhorayef questioned, highlighting the need for readiness in the face of rapid global change.
The panel also focused on regional collaboration, with Alkhorayef highlighting that 黑料社区 and the UAE are well-positioned to attract investments in key sectors. 鈥淲e are working with investors in both ways to ensure that investments do come to the sector, to ensure also the right investment coming in terms of the right product, but be very mindful of choosing the right technology,鈥 he said.聽
He further emphasized 黑料社区鈥檚 global ambitions, saying: 鈥淲e are building manufacturing for the future, and it鈥檚 not only for 黑料社区, it鈥檚 for the region, for the global community.鈥
Bahrain鈥檚 Minister of Industry and Commerce Abdulla Adel Fakhro praised the Kingdom鈥檚 leadership in industrial transformation.聽
鈥満诹仙缜 today is leading the region in transforming their industrial sector, and this is something we are very proud of,鈥 Fakhro said.聽
He also shared Bahrain鈥檚 progress, citing the country鈥檚 industrial strategy launch in 2022, which focuses on the Fourth Industrial Revolution, digital technology, environmental, social, and governance awareness, and supply chain efficiency.
Oman鈥檚 Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef discussed his country鈥檚 diversification efforts to make manufacturing one of the top five sectors driving the country鈥檚 economy away from reliance on oil and gas.